Nigeria National Petroleum Corporation, NNPC, has unveiled plans to make its first initial public offering of assets in 2018, Petroleum Resources Minister of State, Emmanuel Kachikwu said.
The NNPC GMD said “It’s inevitable,”on Tuesday in an interview in Abu Dhabi. “Part of the cleaning up process that we’re doing is to prepare for that.”
Nigeria plans to sell shares in its refining and distribution business and “select” exploration and production assets to the public, he said.
The NNPC manages Nigeria’s stakes in joint ventures with international oil companies that pump the country’s crude. It also operates refineries and a distribution network of depots and pipelines across the country of about 180 million people.
With reorganisation, the NNPC is expected to evolve into four efficient business units from more than a dozen that are mostly making losses, and return to profitability, according to the OPEC president.